Verbal decision analysis

Abstract

Verbal Decision Analysis is a new methodological approach for the construction of decision methods with multiple criteria. The approach is based on cognitive psychology, applied mathematics, and computer science. Problems of eliciting exact quantitative estimations from the decision makers may be overcome by using preferential information from the decision makers in the ordinal form (e.g., “more preferable”, “less preferable”,…). This type of judgments is known to be much more stable and consistent. Ways of how to obtain and use ordinal judgments for alternatives’ evaluation on multiple criteria are discussed. The family of decision methods based on the approach is described.